The fear of not being probed is the beginning of sale of properties.
At least it seems like that is the case of some super rich civil servants as they are said to be rushing to sell their choice houses and state-of-the-art automobiles in order to avoid losing the properties to the President Muhammadu Buhari’s anti-graft crusade.
The Independent Corrupt Practices and other related offences Commission (ICPC) already had reportedly confiscated some buildings said to have been owned by public servants whose earnings does not support their ownership of grand structures and properties.
It was learnt on Tuesday that some civil servants are all rushing to estate agents in the Federal Capital Territory, Abuja in order to quicken the sale of their properties, while financially buoyant buyers were said to have started cashing in on the development.
It was further gathered that the sale of properties in Abuja since the new administration came on board had increased by about 30 per cent, with property sales in the FCT increased “tremendously” within the past four weeks, in contrast to the previous sales in the sector from January to May this year.
Real estate agents in the Federal Capital Territory said that the increase could be attributed to the recent probes of government officials and the resultant confiscation of their properties by the ICPC.
The ICPC had begun a clampdown on very wealthy civil servants, adding that the properties were seized because they were ‘excessive of the emoluments of the affected officers.’
The commission had also explained that the properties were seized in pursuant to Section 45 (4) a – (b) of the Corrupt Practices and other Related Offences Act 2000.
Whereas the commission is investigating a matter involving some staff of the Niger Delta ministry, wherein certain movable and immovable properties owned by the said staff are in issue. And whereas the commission is of the opinion based on the aforementioned investigation that these movable and immovable properties owned by these people who are staff of the Ministry of Niger Delta Affairs are excessive, having regard to their present emoluments and all other relevant circumstances.
The commission hereby notifies the entire public that all movable and immovable properties owned by these staff and listed here under are seized.
Real estate agents explained that some private individuals had started consulting real estate agents, requesting assistance in disposing of their properties.
“The probe has created panic. Private persons now consult us, requesting our assistance in helping them sell their properties. Of course, they won’t say they are trying to avoid probe, but most of us know that that is what they are avoiding,” an agent and member of the Real Estate Developers Association of Nigeria said.
The immediate past National President/Chairman of Council, REDAN, Olabode Afolayan, confirmed that the property sector had witnessed an unprecedented boom in the sales of properties in the past few weeks, adding that rise in sales of properties might not be far fetched from the anti-corruption stance of Buhari.
“In the last couple of months, you could see that there was no activity at all. Between January and May, it was like there was no activity at all. So, what we are experiencing now shows that people are coming back to business and we hope that things will soon take normal shape.”
That might not be the case with estate developers because we are not government officials, rather we sell our own properties. But for owners of existing properties who are beginning to offload their belongings, then it might be for the reason not too far from what we are experiencing now, in which we have a government that is going to be proactive in addressing corruption and is not going to condone any form of negativity that will affect the system.But for us, it is a different thing because we have our own businesses and many of our businesses are funded by financial institutions. We sell our properties now because we don’t want the devaluation of the naira to catch up with our businesses.
The President of REDAN, Ugochukwu Chime,added that it was expected for the sales of properties to increase, explaining that many government officials of the past administration might want to dispose of their properties now.
“We have not done any study now. However, it is a seasonal thing. Some of the officials of the past government will not want to leave Abuja just like that, it is not possible. Those who are coming with the new government have moved massively into Abuja and they are willing to buy.
“Those of the past government will want to sell their properties to either meet their needs or may do so not to leave Abuja just like that,” he said.
